Public companies have been increasingly investing in Bitcoin (BTC) in the first half of 2025, with a total of 245,510 BTC being acquired. This number surpasses the amount of BTC purchased by exchange-traded funds (ETFs), which stood at 118,424 BTC during the same period.
This surge in corporate Bitcoin acquisitions represents a significant jump from the 51,653 BTC bought by companies in the first half of 2024. In contrast, ETFs saw a 56% decrease in their BTC purchases compared to the previous year when they added 267,878 BTC.
The fact that public companies are choosing to invest in Bitcoin for their treasuries indicates a growing confidence in the cryptocurrency’s role as a long-term asset. This trend is in stark contrast to the perception of Bitcoin as a purely speculative investment in the past.
One key observation is that strategy accounted for 135,600 BTC of the total acquisitions by public companies this year, representing 55% of their buying activity. This is a shift from 2024 when strategy accounted for 72% of corporate Bitcoin purchases, indicating a broader demand for the cryptocurrency.
The implications of this shift in Bitcoin investment patterns are significant. Public companies are now viewing Bitcoin as a working capital reserve or a long-term treasury asset rather than a short-term speculative investment. Boards have cited reasons such as inflation hedging, cross-border liquidity, and alignment with digital finance as motivations for their Bitcoin purchases.
Despite the increased corporate interest in Bitcoin, there are concerns about companies financing these purchases with leverage. Analysts have warned about the risks associated with using convertible notes or other forms of leverage to acquire Bitcoin, as this could lead to balance sheet strain and dilution risk in the event of a sharp price downturn.
Overall, the growing interest of public companies in Bitcoin signifies a structural change in the cryptocurrency market. If this trend continues, these companies could become dominant players in the Bitcoin market, influencing price discovery and tightening the supply of the cryptocurrency. As more companies consider Bitcoin as part of their treasury reserves, the dynamics of the market are likely to evolve further.